Tuesday, July 16, 2024

Dogecoin Rises Further on Impact of Musk, Bitcoin, Ethereum Dip: Analyst Says Apex Coin Rally is “Out of Steam” but Could Return if This Happens – Bitcoin (BTC/USD), Ethereum (ETH/USD), Dogecoin (DOGE) / USD)


The Dogecoin The gathering continued, but Bitcoin And the Ethereum It traded lower on Thursday evening as global Cryptocurrency Its market capitalization was down 2.3% to $983.2 billion at 8:01 p.m. ET.

Major currency price performance
Currency 24 hours 7 days price
Bitcoin Bitcoin / US Dollar -2.3% 6.5% $2,0291.06
Ethereum ETH / USD -3.4% 18% $1,513
Dogecoin DOGE / USD 5.9% 29.3% 0.08 dollars

Top 24 Hour Gainers (data via CoinMarketCap)
Cryptocurrency Change by 24 hours (+/-) price
two kidneys (clay) 18.65% $0.25
TerraClassicUSD (USTC) 12.4% 0.04 dollars
Dogecoin (dog) 5.9% 0.08 dollars

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why does it matter: The two largest cryptocurrencies were seen in the red on a day dominated by macroeconomic data and earnings. The S&P 500 and Nasdaq ended Thursday down 0.6% and 1.6%, respectively.

The decline in tech stocks weighed on Nasdaq futures, which were down 0.9%, while S&P 500 futures were down 0.6% at the time of writing.

US GDP Increased at a rate of 2.6% year-on-year For the third quarter, a figure higher than the median economic estimate of 2.4%. In the previous quarter, GDP fell 0.6%.

US Labor Department data on Thursday indicated that initial jobless claims rose by 3,000 for the week ending October 22 to 217,000 from an unrevised mark of 214,000 the previous week.

OANDA Senior Market Analyst Edward Moya He said the data showed that “the economy is weakening”.

“It appears that the economy is still heading into a recession, but this may bolster the Fed’s pivotal calls that are still driving some inflows into equities again,” Moya said.

“Bitcoin’s rally has run out of steam. Momentum from the rally above the $20,000 level has stalled as risk appetite struggles to find a solid ground for earnings and US economic data,” the analyst said in a note, seen by Benzinga.

“Bitcoin looks likely to consolidate until the FOMC decision, but could see more strength if the dollar continues to slide. If Wall Street becomes more concerned about the economic outlook, prices may drop further, which is good news for cryptocurrencies.”

Among the most notable cryptocurrencies, Dogecoin continued its bullish run, supported by Tesla Corporation TSLA Executive Director Elon Musk The impending takeover of Twitter. The memcoin is trading in an uptrend. she has Resistance at $0.083 and 0.099 Supports are at $0.075 and $0.067, according to Melanie Schaffer of Benzinga.

DOGE’s trading volume is up 98% to $2.65 billion at the time of writing, according to CoinMarketCap data. Coinglass figures indicated DOGE liquidated $16.47 million over 24 hours.

on Ethereum, Michael van de Poppe He said the second largest coin is facing resistance around the $1,600-$1,650 level. The crypto trader tweeted, “He may be wondering if we will continue higher, obviously we need to break this resistance and then face $1750. In the short term, I would like to get shares around $1400-1450.”

The Amsterdam-based trader said that Bitcoin remains within the resistance level as it is rejecting around $20,800 and the longer time frame is also rejecting at $20,750.

Justin Bennett He touched on the dollar index, a measure of the dollar’s strength against six of its peers, in a tweet. The trader asked if the dollar index “the lower high and lower low that everyone gets excited about is just the beginning of a bullish flag with a target of 120”.

“This is not a trend that I want to fight without invalidating the higher time frame, which we don’t have,” Bennett said. Notably, the Dollar Index was 0.8% higher at 110.56 at the time of writing.

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Rosario Tejeda
Rosario Tejeda
"Infuriatingly humble analyst. Bacon maven. Proud food specialist. Certified reader. Avid writer. Zombie advocate. Incurable problem solver."